Waterways Leisure Tourism Limited
PROSPECTUS · filed 07 Jul 2026
Waterways Leisure Tourism Limited operates cruise vessels to provide leisure tourism services. The company is raising Rs 585 crore through a fresh issue with no offer for sale component. The company has a high debt-to-equity ratio of 15.32 and currently relies on a single vessel, MV Empress, for operations. Material risks include the potential for operational disruptions from the single vessel, high revenue concentration from cruise ticket sales, and the company's growth strategy being dependent on the successful acquisition and introduction of two new vessels by Fiscal 2027 and Fiscal 2028.
Partial analysis — some sections could not be read from the document (found: capitalisation, litigation, objects, price_basis, promoters, related_party, risks).
What stands out
High leverage. Debt-to-equity of 15.32x.
Risk factor. We currently undertake our operations through a single cruise vessel, the MV Empress. Any disruption to the cruise vessel could lead to operational disruptions and adversely impact our business, results of operations, financial condition and cash flows.
Risk factor. A significant portion of our revenue is derived from our cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in our cruise ticket sales may adversely impact our business, financial condition, result
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
How the offer is structured
Fresh issue
₹585 Cr
New capital into the company
OFS share
0%
- Payment towards deposit/ advanced lease rental and monthly lease payments to our step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (Baycruise IFSC)₹480 Cr
- General corporate purposes₹76.6 Cr
Promoters, litigation & related parties
Promoter (pre)
99.3%
As on the date of this Prospectus, there are no outstanding criminal proceedings, actions by statutory or regulatory authorities, claims related to direct or indirect taxes, other pending litigation, or findings/observations of inspections by SEBI or any other regulator involving the Company, Subsidiaries, Promoters, or Directors. There are no disciplinary actions, including penalties imposed by SEBI or stock exchanges, against the Promoters in the last five Fiscals. There are no outstanding criminal proceedings or actions by statutory or regulatory authorities against Key Managerial Personnel and members of Senior Management.
Risks the company discloses
We currently undertake our operations through a single cruise vessel, the MV Empress. Any disruption to the cruise vessel could lead to operational disruptions and adversely impact our business, results of operations, financial condition and cash flows.(Operational)
A significant portion of our revenue is derived from our cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in our cruise ticket sales may adversely impact our business, financial condition, results of operations, cash flows and prospects.(Revenue Concentration)
Our Company operates as the vessel operating entity, while the vessel owning entity is Bay Cruise Investment Inc. Any legal, financial, or regulatory issues faced by Bay Cruise Investment Inc. could indirectly impact our business and results of operations.(Corporate Structure)
Our growth strategy relies on the acquisition of new vessels to expand our operations. Our inability to expand our operations by acquiring new vessels could significantly impact our business, financial condition, and results of operations.(Growth Strategy)
We have entered into two time charter agreements to lease two new cruise vessels, i.e. Norwegian Sky and Norwegian Sun, from Baycruise Shipping and Leasing (IFSC) Private Limited, each with a passenger capacity of up to 2,004 and 1,936 guests respectively, which we intend to introduce and commercialize by Fiscal 2027 and Fiscal 2028.(Growth Strategy)
A decline in our cruise ticket sales or any downward correction in ticket prices on account of economic downturns, competition, changing consumer preferences, health and safety concerns, pandemics and geopolitical uncertainties could individually or collectively adversely impact our business, results of financial condition, results of operations, cash flows, and prospects.(Market Conditions)
The rise of alternative vacation choices, such as all-inclusive resorts, adventure tourism, and budget airlines, provides consumers with a wide range of options. If these alternatives are perceived as more attractive or cost-effective, it could lead to a decline in our cruise ticket sales.(Market Conditions)
Political unrest, conflicts, or changes in government policies and visa restrictions could lead to travel advisories or restrictions, discouraging tourists from visiting affected areas. This could result in itinerary changes, cancellations, and a decline in cruise bookings.(Market Conditions)